SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934 Date of Report (Date of earliest event reported) JANUARY 26, 1999 Property Resources Equity Trust (Exact Name of Registrant as Specified in its Charter) California 0-15880 94-3959770 State or other Commission File Number IRS Employer jurisdiction of Identification incorporation Number 2000 Alameda de las Pulgas, San Mateo, CA 94404 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: (650)312-3000 ITEM 5: OTHER MATERIAL EVENTS On Tuesday January 26, 1999 at a Special Meeting of Shareholders of the Registrant, holders of a majority of the Registrant's outstanding shares approved the dissolution, termination and liquidation of the Company. Thereafter, the Board of Directors met and declared an initial liquidating distribution in the amount of $2.10 per share payable on February 16, 1999, to all shareholders of record as of January 27, 1999. A second and final liquidating distribution is expected to be made in June of 1999. Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned heretofore duly authorized. Dated: January 29, 1999 PROPERTY RESOURCES EQUITY TRUST BY: /S/ DAVID P. GOSS David P. Goss President